|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Global Aerospace and Defense Materials Market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
The aerospace and defense sectors are negatively impacted by COVID-19. The aircraft manufacturing companies faced a decline in orders as the travel bans are imposed in many countries, thus decreasing the growth of the market studied. Controlling the coronavirus pandemic is crucial to reviving commercial aircraft demand. Most transport aircraft requirements are driven by discretionary air travel, and the commercial aerospace supply chain must focus on survival until people feel comfortable traveling and governments allow it. In October 2020, Airbus declared that it had delivered 57 commercial aircraft in September 2020 (14 in April, 24 in May, 36 in June, 49 in July, and 39 in August) versus 71 aircraft over the same period in 2019. From the start of 2020 to October 9, Airbus delivered a total of 341 aircraft (18 A220s, 282 A320 Family, 9 A330s, and 32 A350s), a reduction of around 40% compared to the same period in 2019 (571 aircraft deliveries). Besides, the defense sector continued to grow as the governments continued to fund the defense departments.
- Over the medium term, the major factor driving the market studied is the increasing demand for aircraft in Asia-Pacific and the Middle Eastern countries.
- On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- North America is expected to dominate the global aerospace and defense materials market over the forecast period.
Scope of the Report
The aerospace and defense materials market is segmented by material type, aircraft type, and geography. By Material Type, the market is segmented into Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composite Materials, and Other Material Types. By Aircraft Type, the market is segmented into Commercial, Military, Business and General Aviation, and Other Aircraft Types. The report also covers the market size and forecasts for the Aerospace and Defence Materials Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).
|Other Material Types|
|Business and General Aviation|
|Other Aircraft Types|
Key Market Trends
Increasing Demand for the Commercial Aircraft Segment
- The increasing air travel rates, particularly in the emerging economies of North America and Latin America, and the rising disposable incomes around the world have been driving the growth of commercial aircraft globally.
- The manufacturers are focusing on solutions to meet the need to reduce weight and increase fuel efficiency. The materials used in commercial aircraft include aluminum alloys, steel alloys, titanium alloys, and composite materials.
- The growth in the total demand for commercial aircraft is expected to increase over the next few years with the strong passenger travel demand in the Middle Eastern and Asia-Pacific regions.
- According to Boeing, there is a need for more than 41,000 new deliveries, which are valued at over USD 6 trillion, due to the growth in air travel and old aircraft replacements, over the coming 20 years.
- According to Airbus, in the first three quarters of 2020, Airbus booked a total of 300 net commercial aircraft orders compared with 127 net orders in the equivalent 2019 period. In 2020, Airbus delivered a total of 566 commercial aicraft, and it has orders for 383 commercial aircraft.
- The rising air traffic across ASEAN countries is also likely to spur the demand for commercial aircraft, with an increasing focus on tourism and travel and low airfares.
- Therefore, the increase in air traffic and commercial aircraft production expansion by global manufacturers is expected to boost the demand for aerospace and defense materials during the forecast period.
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The North American Region to Dominate the Market
- The North American region is expected to be one of the promising markets for aerospace and defense materials during the forecast period.
- The aerospace sector in the United States is the largest in the world. The export of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States, is driving manufacturing activities in the US aerospace industry.
- The US defense budget is continuously increasing as a result of rising global tensions and the country’s desire to equip the armed forces with modern platforms. The country contributes to around 35% of the total spending on the defense sector. Defense spending amounted to USD 714 billion in FY 2020, and it is expected to increase to USD 733 billion in FY 2021.
- The American military is still the most powerful in the world. The country's leading defense industry companies are still global leaders in weapons innovation and production.
- Estimated US military spending during October 2020 through September 2021 is USD 934 billion. Military spending is the second-largest item in the federal budget after Social Security. This figure is more than the amount of USD 705 billion outlined by the Department of Defense.
- The country’s defense firms are looking for growth opportunities through foreign military sales (FMS). The growth is likely to be driven by the supply of helicopters, missiles, and other carriers to the Middle Eastern countries.
- Therefore, the growing aerospace and defense sector in the United States is expected to boost the demand for the market studied during the forecast period.
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The global aerospace and defense materials market is consolidated. The major companies of the market studied include TORAY INDUSTRIES INC., Solvay, Teijin Carbon Europe GmbH, Alcoa Corporation, and ATI.
- In April 2020, Novelis Inc., the world leader in aluminum rolling and recycling, announced the completion of its acquisition of Aleris Corporation, a global supplier of rolled aluminum products.
- In August 2019, Teijin Limited announced the acquisition of all the shares of Renegade Materials Corporation (Renegade), a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand for Aircraft in Asia-Pacific and the Middle East
4.1.2 Other Drivers
4.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Material Type
5.1.1 Aluminum Alloys
5.1.2 Steel Alloys
5.1.3 Titanium Alloys
5.1.4 Super Alloys
5.1.5 Composite Materials
5.1.6 Other Material Types
5.2 Aircraft Type
5.2.3 Business and General Aviation
5.2.4 Other Aircraft Types
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alcoa Corporation
6.4.5 Hexcel Corporation
6.4.6 Novelis Inc.
6.4.7 SGL Carbon
6.4.9 Teijin Carbon Europe GmbH
6.4.10 thyssenkrupp Aerospace Germany GmbH
6.4.11 TORAY INDUSTRIES INC.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Government Spending on Defense
7.2 Other Opportunities
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Frequently Asked Questions
What is the study period of this market?
The Aerospace and Defense Materials Market market is studied from 2016 - 2026.
What is the growth rate of Aerospace and Defense Materials Market?
The Aerospace and Defense Materials Market is growing at a CAGR of >3% over the next 5 years.
Which region has highest growth rate in Aerospace and Defense Materials Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Aerospace and Defense Materials Market?
North America holds highest share in 2020.
Who are the key players in Aerospace and Defense Materials Market?
TORAY INDUSTRIES INC., Solvay, Teijin Carbon Europe GmbH, Alcoa Corporation, ATI are the major companies operating in Aerospace and Defense Materials Market.